Tackle the Chicago Rental Market on a Budget

The Chicago rental real estate market has some of the most beautiful, lust-worthy apartments in the most posh and hip neighborhoods in the country. While we also benefit from the good fortune of being in the Midwest where housing prices are far more affordable than the coasts, most of us are living on a defined budget and aren’t able to choose a home based solely on taste – we need to factor in our financial situations too. What follows are Realty & Mortgage Co.’s top tips for tackling the Chicago rental real estate market on a budget. To learn more about the services that Realty & Mortgage Co. offers to apartment-seekers in the Chicagoland area, visit us online at www.RealtyMortgageCo.com or call 773.549.8300.

LOOK FOR STYLES WITH HIGH VACANCY

While sky-scraping apartment communities with doormen and beautiful, 12-foot ceilings always have a waiting list that’s years long, there are some pockets of Chicago’s real estate market that are offering lower price points or added incentives for leasers because of high vacancy. These include low-rise buildings or condo buildings, which have been vacating at a quicker rate because owners are moving to the suburbs and looking to rent their places.

CHECK EARLY (& OFTEN)

If you search early, often, and hard, you can sometimes find places that are for rent by owner. These places are goldmines, as they’re often significantly more flexible and offer you the option to negotiate your rental terms. They’re also a lot more forgiving if something goes a little bit wrong.

WATCH OUT FOR SUMMER TIME

While there are still deals to be found in the summer, many more people are looking because they’re trying to get into the city and close to the lake for the warm months. Not to mention, it’s a lot more fun to move when there’s not a foot of snow on the ground! However, if you’re willing to put in the legwork in the winter months, you’re likely to find a better deal.